Climate Vault Receives Science-Based Targets Accreditation From CDP

CHICAGO - March 23, 2023 - PRLog -- Climate Vault, an award-winning non-profit that reduces and removes carbon emissions, announces its accreditation as a Science-Based Targets Accredited Solutions Provider (SBTi ASP) by the Carbon Disclosure Project (CDP). The designation reinforces Climate Vault's commitment to providing verifiable and quantifiable carbon reduction and removal solutions.

CDP is the non-profit which runs the world's environmental disclosure system. It accredits environmental service providers who help support companies in all aspects of their environmental journey, including carbon reduction solutions to reduce their footprint. SBTi, the Science-Based Targets initiative, is a collaboration between CDP, the United Nations Global Compact, the World Resources Institute, and the World Wide Fund for Nature. Its goal is to accelerate companies across the world to support the global economy to halve emissions before 2030 and achieve net-zero before 2050. It defines best practices in setting net-zero targets in line with the Paris Agreement's goal of limiting global temperature increase.

"Our unique two-step approach to emissions reduction and removal is the best solution to help organizations achieve their SBTi goals because of our rigorous focus on accountability, verifiability, and reliability," said Jason Grant, Chief Operating Officer of Climate Vault. "This latest designation is just further validation that our method enables our partners to credibly reduce emissions and achieve their science-based targets in a meaningful way that makes a positive impact on the planet and their business both today and tomorrow."

In 2022, Climate Vault was also designated an accredited carbon reduction solutions provider by CDP. With its additional SBTi designation, Climate Vault will continue empowering donors to achieve a verifiable and lasting impact on their carbon footprints. The rigorous SBTi standards recommend companies prioritize near-term science-based targets, as well as identify and scale emerging carbon dioxide removals (CDR) solutions that eliminate historical emissions from the atmosphere by long-term science-based target dates.

"It is vital that all businesses set the most ambitious, science-based targets to decarbonize their entire value chain," said Olwen Smith, CDP's Global Lead for Transition Accelerator. "With Climate Vault as a CDP accredited provider in relation to carbon reduction and SBT services in the USA, I am confident that companies have strong support to enable them to set targets and implement ambitious decarbonization strategies."

As a non-profit, Climate Vault works with donors to reduce emissions through a two-step approach. Climate Vault first purchases and "vaults" carbon emission allowances from government-regulated compliance markets. Because the number of permits is capped, keeping them off the market decreases CO2 emissions and provides a quantifiable, verifiable reduction. Climate Vault then leverages the value of the emission allowances to fund an equivalent or greater amount of carbon removals from new CDR technologies through a grant process.

Visit www.climatevault.org to learn more.